Odaily Planet Daily News Two U.S. congressmen are pushing to include legal protection for NFTs in a wide-ranging bill that will create a more reasonable regulatory framework for digital assets.
Rep. William Timmons said he is trying to include the New Frontiers in Technology Act (NFT Act) in a modified version of the so-called 21st Century Financial Innovation and Technology Act (FIT21), which was passed by the House of Representatives last year but has not yet been approved by the Senate. The proposed law will for the first time establish clear rules for digital asset regulation by dividing the responsibilities of agencies such as the CFTC and the SEC. Since FIT21 was passed in the last Congress, it will again require the approval of House lawmakers.
The NFT Act was introduced by Timmons and New York Democratic Rep. Ritchie Torres in December last year. The bill would designate certain NFTs as non-securities, covering artworks, video game assets and memberships, as well as other consumer areas outlined in the bill text. (Decrypt)